January 9, 2023
Experiential real estate investment trust VICI Properties Inc has acquire four Alberta gaming locations from Pure Canadian Gaming Corp. for $271.9 million. The VICI deal secures the real estate assets of the PURE's locations in Edmonton, Calgary, Lethbridge and Yellowhead. All the properties have been leased back to Pure Canadian Gaming in a 25-year master lease agreement for total annual lease rate of $21.8 million. There are four, 5-year renewal options within the agreement for PURE.
Pure Canadian gaming operates 89 table games, 56 poker tables and 2,864 slot machine games across these four locations, which also offer food and beverage services to their patrons. PURE's gaming business in Alberta is one that is wholly-rooted in bricks and mortar operations. They do not offer Interac online casinos to players in Alberta, as the province itself is the only entity that officially operates online in this way, through PlayAlberta-dot-ca.
However, PlayAlberta-dot-ca only support Visa and Mastercard payments, meaning that they only offer a payment method that forces their citizens to pay exhorbitant interest rates, since credit card payments to all gaming sites are treated as cash advances. Interac e-transfers are not available through the province's online casino and betting platform.
VICI Properties is an S&P 500 REIT that also owns three of the most iconic casino properties in Las Vegas, including Caesars Palaces, MGM Grand and the Venetian Resort.
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